Tuesday, 23 September 2014
Last updated 7 hours ago
Mar 13 2014 | 12:51pm ET
Hedge fund AIS Capital Management has sued five banks for allegedly manipulating gold prices.
The firm alleges that Barclays, Deutsche Bank, HSBC Holdings, Bank of Nova Scotia and Société Générale “combined, conspired and agreed with one another and unnamed co-conspirators to manipulate the prices of gold and gold derivatives contracts.” The five banks set London’s benchmark gold fix price.
According to the suit, which seeks class-action status, the banks have been manipulating gold prices since 2004, and continue to do so. The illicit activities occur during twice-daily conference calls to set the price, during which “anomalous” price movements suggest manipulation, AIS said.
AIS’s Gold Fund lost 67% last year.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitich, CIO of Petty Endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
Credit default swaps brought down the London Whale and cost JPMorgan $6.2 billion. Here is how it happened.